The Weston family’s investment company, Wittington Investments, has announced the acquisition of U.K. drugstore Boots for $8.9 billion US (approximately $12.7 billion Cdn), including debt, from private equity firm Sycamore Partners. This move expands their business reach beyond Canada’s largest pharmacy and grocery chains.
In addition to Boots’s retail operations in the U.K. and Ireland, Wittington will also take over its businesses in Thailand, franchised operations, optical division, and No7 Beauty Company. Toronto-based Fairfax Financial Holdings Ltd. will collaborate with Wittington on this acquisition. Galen Weston is set to become Boots’s chairman after the deal’s expected closure in the first quarter of 2027, with operational control transitioning to Wittington.
Expressing his interest in Boots, Weston highlighted the brand’s long-standing history and vital role in the U.K. and Ireland. He sees significant potential for enhancing the business through long-term ownership, increased capital investment, and a renewed focus on customer service excellence.
Boots, a prominent British retailer established in 1849, bears similarities to Canada’s Shoppers Drug Mart, a pharmacy giant associated with the Westons. The Weston family is renowned in Canada for their involvement in Loblaw Companies Ltd., George Weston Ltd., and Holt Renfrew. The acquisition raises questions about Boots possibly re-entering the Canadian market and potentially competing with Shoppers, which operates around 1,350 stores nationwide.
With approximately 1,800 locations, Boots has drawn attention from analysts, with speculation about a Weston acquisition surfacing earlier. The deal’s impact on Loblaw and George Weston is perceived to be minimal if executed through the family’s private investment arm, Wittington.
As part of the acquisition, Sycamore Partners will retain ownership of Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Stefan Kaluzny, Sycamore’s managing director, praised Boots’s management team and employees for their dedicated focus on business and customers over the past year, positioning the company for a promising future.